According to Italian Civil Code, for the incorporation of a private limited company, the company must have a minimum capital amount of €10,000, implying that the owners must make an initial contribution to the company.
According to Art. 2464 of the Italian Civil Code, "1. The value of the contributions may not be less than the total capital. 2. Any assets capable of economic assessment can contribute to capital."
On the basis of this definition, Thomas Bertani established a new private limited company 'Oraclize Srl' with a capital contribution of 45 bitcoin. It was registered by Public Notary Giacomo Pieraccini (Act of Incorporation). This is the first time that bitcoin has been used for the formation of a legal entity in the country.
The company aims to build a platform (www.oraclize.it) for the development of smart contracts, which will facilitate bitcoin transactions based on the happening of some verifiable real-life event, while keeping users in control of their funds.
